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Unformatted text preview: the financial statements of each of the Group’s entities are measured using the currency of the
primary economic environment in which the entity operates (“the functional currency”). The consolidated financial
statements are presented in Australian dollars, which is Wellcom Group Limited’s functional and presentation
currency.
(ii) Translation and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
date of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and
from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies
are recognised in the income statement, except when they are attributable to part of the net investment in a foreign
operation. 35 Wellcom Group Limited
Notes to the Consolidated Financial Statements 2. Summary of significant accounting policies (continued) For personal use only m) Foreign currency translation (continued) Translation differences on financial assets and liabilities carried at fair value are reported as part of the fair value gain
or loss. Translation differe...
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